Meta Gains on Settlement, Nvidia Dips Ahead of Earnings, RevMed Rallies on FDA Approval

Today’s biggest winners and losers in the stock market. 

On this episode of Stock Movers: 

• Shares of Meta Platforms (META) gained ahead of the Wednesday close after the social media giant said it agreed to pay up to $18 billion in landmark settlements to resolve legal claims from US states that would require the company to make major changes to how it operates platforms like Facebook and Instagram. Key parts of the deal, disclosed in a court filing Wednesday, require the company to put new guardrails on its platforms, including restricting how much time youths can scroll and preventing them from switching off certain safety settings without parental consent.
• Shares of Nvidia (NVDA) moved lower ahead of the company’s latest earnings report. Investors are eagerly awaiting Nvidia’s numbers for clues on what they mean to the artificial-intelligence trade and the market itself. Analysts project that revenue nearly doubled from a year ago, which would be the fastest pace in two years, according to data compiled by Bloomberg.
• Shares of Revolution Medicines Inc. (RVMD) gained in the Wednesday session after the FDA approved the firm’s once-daily tablet for adults with metastatic pancreatic cancer, the first medicine to target one of the key molecular causes of the disease. The drug, which will be called Rasonque, is one of the more significant breakthroughs in pancreatic cancer in years. In a final stage trial published in May, daraxonrasib nearly doubled typical survival time for patients with an aggressive form of the disease to 13.2 months, compared with 6.7 months for patients who received chemotherapy, the current standard of care, according to the US Food and Drug Administration.

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